Starboard Value, an activist investor in Yahoo, confirmed on Thursday it was launching a proxy war to dump Yahoo’s entire board, Reuters first reported. In the letter, which you can read in full below, Starboard said: “We have been extremely disappointed with Yahoo’s dismal financial performance, poor management execution, egregious compensation and hiring practices, and general lack of accountability and oversight by the Board. We believe the Board clearly lacks the leadership, objectivity, and perspective needed to make decisions that are in the best interests of shareholders.” Starboard wants to replace Yahoo’s board with these nine nominees, a list made up of investment bankers and media and tech executives: Bridget L. Baker – a director at the telecommunications company General Communication and the former president of TV networks distribution for NBCUniversal.Tor R. Braham – a director at NetApp, Viavi Solutions, and Sigma Designs. He was previously the global head of technology mergers and acquisitions at Deutsche Bank.Brad W. Buss – a director at Tesla Motors, CafePress.com, and Advance Auto Parts. He is the former CFO of the technology companies SolarCity and Cypress Semiconductor.W. Lance Conn – chairman of the compensation and benefits committee at Charter Communications. Before that he was… Read full this story
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